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Ripple's XRP technical analysis: XRP/USD deadly pennant structure eyed

  • Ripple's XRP price is trading in the green by some 0.10% in the session on Wednesday.
  • XRP/USD price action is moving within a bearish pennant structure via the daily. 
  • The next major support level is eyed at the psychological $0.3000 mark. 
Ripple's XRP technical analysis: XRP/USD deadly pennant structure eyed
Ken ChigboKen ChigboIndependent Analyst

XRP/USD 60-minute chart

Bulls managed to break above a descending trend line, leaving the door open to upside pressure.

 

XRP/USD daily chart

The price is sitting on a critical daily support level at $0.2200, failure to hold will likely open a return to $0.2000. 

Spot rate:                 0.2195

Relative change:      +0.10%

High:                         0.2263

Low:                          0.2103

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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